Binance Releases Notice on Tax Burn for $LUNC and $USTC on Terra Classic Network

The Terra community has passed Proposals 3568 and 4159, which will introduce a 1.2% tax burn for on-chain transactions of $LUNC and $USTC on Terra Classic network. The tax burn is expected to go live on 2022-09-20 at the Terra Classic block height of 9,475,200 after the proposal is submitted. Once the tax burn is live, deposits and withdrawals of $LUNC and $USTC via the Terra Classic network will be affected in the following manner: Transactions will be taxed by the Terra Classic network before it reaches Binance. The balance will be credited to your Binance account after the 1.2% tax deduction by the network. Users will receive the withdrawal amount minus withdrawal fees charged by Binance and the 1.2% tax deduction by the network. Spot and Margin trading for $LUNC and $USTC, as well as relevant services on Binance Earn, will not be affected by this tax burn.